INCOME TAX REPORTS (ITR)
Volume 346 Part 3 (Issue dated 20-8-2012)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Reassessment --Notice after four years--Condition precedent--Failure to disclose material facts necessary for assessment--Amount shown as loan from company--Assessee not disclosing that it had substantial interest in a company--Reassessment proceedings after four years to assess amount as deemed dividend--Valid--Income-tax Act, 1961, ss. 147, 148-- Dishman Pharmaceuticals and Chemicals Limited v. Deputy CIT (OSD) (No. 1 ) (Guj) . . . 228
----Notice after four years--Failure to disclose material facts necessary for assessment--Notice need not specify instances of failure--Sufficient if failure can be inferred--Investigation by customs authorities--Penalty for theft of electricity--Reassessment proceedings valid--Income-tax Act, 1961, ss. 147, 148-- I. P. Patel and Co. v. Deputy CIT
(Guj) . . . 207
----Notice--Validity--Reassessment proceedings found not valid--Reassessment cannot be sustained under another ground not mentioned in notice--Income-tax Act, 1961, ss. 147, 148-- Dishman Pharmaceuticals and Chemicals Ltd . v . Deputy CIT (OSD) (No. 2 ) (Guj) . . . 245
----Reassessment after four years--Assessee disclosing material facts necessary for assessment--Reassessment proceedings to recalculate special deduction under section 80HHC--Not valid--Income-tax Act, 1961, ss. 80HHC, 147, 148-- Dishman Pharmaceuticals and Chemicals Ltd. v . Deputy CIT (OSD) (No. 2 ) (Guj) . . . 245
----Reassessment after four years--Condition precedent--Failure by assessee to disclose material facts--Income from other sources--Claim to deduction of interest against dividend--Fact of borrowings to purchase shares and details of investments disclosed in return and during course of assessment in reply to queries raised by Assessing Officer--Reassessment to disallow deduction on ground interest was not paid for earning dividend but for acquiring controlling interest in company--Not a case of failure to disclose material facts--Reassessment not permissible--Income-tax Act, 1961, ss. 57(iii), 147, 148-- Ketan B. Mehta v . Asst. CIT (Guj) . . . 254
----Reassessment after four years--Condition precedent--Failure by assessee to disclose material facts--Reasons recorded by Assessing Officer must reflect such failure--Reopening of assessment on ground pre-operative expenses capital in nature had been allowed as revenue--Not a case of default by assessee--Reassessment not permissible--Income-tax Act, 1961, ss. 147, 148-- Ashokjyot Oxygen Pvt. Ltd . v . H. N. Patel, ITO
(Guj) . . . 199
----Reassessment after four years--Condition precedent--Failure by assessee to disclose material facts--Reopening of assessment on ground deduction for bad debts erroneously allowed--Not permissible--Income-tax Act, 1961, ss. 147, 148-- V. B. Investments v . Deputy CIT (Guj) . . . 193
----Reassessment after four years--Failure by assessee to disclose material facts--Notice issued to disallow deduction of usance interest paid to non-residents without deduction of tax--No indication of default by assessee--Reopening not permissible--Income-tax Act, 1961, ss. 147, 148-- Priya Blue Industries Pvt. Ltd. v . Deputy CIT
(Guj) . . . 204
----Writ--Powers of High Court--High Court only required to find out if there was prima facie material justifying notice of reassessment--Income-tax Act, 1961, ss. 147, 148--Constitution of India, art. 226-- I. P. Patel and Co. v . Deputy CIT
(Guj) . . . 207
Search and seizure --Assessment of third person--Scope of section 153C--Provision authorises enquiry on satisfaction that valuable articles or documents discovered during search belonged to third person--Such valuable article or document to be handed over to Assessing Officer having jurisdiction over assessee--Not necessary that satisfaction should be recorded that valuable article or document showed undisclosed income--Income-tax Act, 1961, ss. 132, 152A, 153C, 153BD, 158-- SSP Aviation Ltd . v . Deputy CIT (Delhi) . . . 177
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 18 : Part 1 (Issue dated : 20-08-2012)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Assessment --Notice--Service of notice at address other than address shown on return--Notice returned unserved--No proper service of notice--Assessment invalid--That assessee participated in proceedings--Does not preclude right to object on ground of non-service of notice--Provision precluding assessee from taking such objection not applicable to assessment years prior to 2008-09--Income-tax Act, 1961, ss. 143(2), 292BB-- Ashok B. Bafna v. Deputy CIT (Mumbai) . . . 43
Deduction of tax at source --Payment of royalty to non-resident for hire of transponder--Payment from one non-resident to another non-resident made outside India--Deduction of tax at source not required--Income-tax Act, 1961, ss. 40(a)(i), 195-- B4U International Holdings Ltd. v. Deputy CIT (International Taxation) (Mumbai) . . . 62
Exemption --Special economic zone--Manufacture--Definition--Amendment--Clarificatory--Hundred per cent export oriented undertaking in special economic zone engaged in blending and export of tea--Is manufacturer entitled to exemption--Income-tax Act, 1961, ss. 2(29BA), 10A, 10B--Special Economic Zones Act, 2005, s. 2(r)-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
Industrial undertaking --Infrastructure facility--Special deduction--Inland port--Container freight station is inland port--Income entitled to deduction--Income-tax Act, 1961, s. 80-IA(4)-- All Cargo Global Logistics Ltd. v. Deputy CIT [SB] (Mumbai) . . . 106
Search and seizure --Assessment in search cases--Conditions precedent--Warrant of authorisation must be executed in name of assessee--Warrant in name of trust and assessee as managing trustee--Search executed in branches of bank--No search executed on assessee in individual capacity--No undisclosed income of assessee discovered--Assessment of assessee in individual capacity not permissible--Income-tax Act, 1961, ss. 132, 153A-- Dr. Mansukh Kanjibhai Shah v. Assistant CIT (Ahmedabad) . . . 80
----Assessment in search cases--Scope of proceedings--Abatement of pending assessments--Effect--Only one assessment for each assessment year separately on basis of findings of search and other material brought on record of Assessing Officer--Assessments not abating--Assessment to be made on basis of books or other documents not produced in course of original assessment but found in course of search and undisclosed income or undisclosed property discovered in course of search--Income-tax Act, 1961, ss. 132, 153A-- All Cargo Global Logistics Ltd. v. Deputy CIT [SB] (Mumbai) . . . 106
Words and phrases --†Manufacture†-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Special Economic Zones Act, 2005 :
S. 2(r) --Exemption--Special economic zone--Manufacture--Definition--Amendment--Clarificatory--Hundred per cent export oriented undertaking in special economic zone engaged in blending and export of tea--Is manufacturer entitled to exemption-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
S. 2(29BA) --Exemption--Special economic zone--Manufacture--Definition--Amendment--Clarificatory--Hundred per cent export oriented undertaking in special economic zone engaged in blending and export of tea--Is manufacturer entitled to exemption-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
S. 10A --Exemption--Special economic zone--Manufacture--Definition--Amendment--Clarificatory--Hundred per cent export oriented undertaking in special economic zone engaged in blending and export of tea--Is manufacturer entitled to exemption-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
S. 10B --Exemption--Special economic zone--Manufacture--Definition--Amendment--Clarificatory--Hundred per cent export oriented undertaking in special economic zone engaged in blending and export of tea--Is manufacturer entitled to exemption--Special Economic Zones Act, 2005, s. 2(r)-- Madhu Jayanti International Ltd. v. Deputy CIT [SB] (Kolkata) . . . 1
S. 40(a)(i) --Deduction of tax at source--Payment of royalty to non-resident for hire of transponder--Payment from one non-resident to another non-resident made outside India--Deduction of tax at source not required-- B4U International Holdings Ltd. v. Deputy CIT (International Taxation) (Mumbai) . . . 62
S. 80-IA(4) --Industrial undertaking--Infrastructure facility--Special deduction--Inland port--Container freight station is inland port--Income entitled to deduction-- All Cargo Global Logistics Ltd. v. Deputy CIT [SB] (Mumbai) . . . 106
S. 132 --Search and seizure--Assessment in search cases--Conditions precedent--Warrant of authorisation must be executed in name of assessee--Warrant in name of trust and assessee as managing trustee--Search executed in branches of bank--No search executed on assessee in individual capacity--No undisclosed income of assessee discovered--Assessment of assessee in individual capacity not permissible-- Dr. Mansukh Kanjibhai Shah v. Assistant CIT (Ahmedabad) . . . 80
----Search and seizure--Assessment in search cases--Scope of proceedings--Abatement of pending assessments--Effect--Only one assessment for each assessment year separately on basis of findings of search and other material brought on record of Assessing Officer--Assessments not abating--Assessment to be made on basis of books or other documents not produced in course of original assessment but found in course of search and undisclosed income or undisclosed property discovered in course of search-- All Cargo Global Logistics Ltd. v. Deputy CIT [SB] (Mumbai) . . . 106
S. 143(2) --Assessment--Notice--Service of notice at address other than address shown on return--Notice returned unserved--No proper service of notice--Assessment invalid--That assessee participated in proceedings--Does not preclude right to object on ground of non-service of notice--Provision precluding assessee from taking such objection not applicable to assessment years prior to 2008-09-- Ashok B. Bafna v. Deputy CIT (Mumbai) . . . 43
S. 153A --Search and seizure--Assessment in search cases--Conditions precedent--Warrant of authorisation must be executed in name of assessee--Warrant in name of trust and assessee as managing trustee--Search executed in branches of bank--No search executed on assessee in individual capacity--No undisclosed income of assessee discovered--Assessment of assessee in individual capacity not permissible-- Dr. Mansukh Kanjibhai Shah v. Assistant CIT (Ahmedabad) . . . 80
----Search and seizure--Assessment in search cases--Scope of proceedings--Abatement of pending assessments--Effect--Only one assessment for each assessment year separately on basis of findings of search and other material brought on record of Assessing Officer--Assessments not abating--Assessment to be made on basis of books or other documents not produced in course of original assessment but found in course of search and undisclosed income or undisclosed property discovered in course of search-- All Cargo Global Logistics Ltd. v. Deputy CIT [SB] (Mumbai) . . . 106
S. 195 --Deduction of tax at source--Payment of royalty to non-resident for hire of transponder--Payment from one non-resident to another non-resident made outside India--Deduction of tax at source not required-- B4U International Holdings Ltd. v. Deputy CIT (International Taxation) (Mumbai) . . . 62
S. 292BB --Assessment--Notice--Service of notice at address other than address shown on return--Notice returned unserved--No proper service of notice--Assessment invalid--That assessee participated in proceedings--Does not preclude right to object on ground of non-service of notice--Provision precluding assessee from taking such objection not applicable to assessment years prior to 2008-09-- Ashok B. Bafna v. Deputy CIT (Mumbai) . . . 43
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